03/27/2024

Message From Beth -- March 27, 2024

Ohio's economy continues to show impressive resilience, as indicated by recent data from the Office of Budget & Management (OBM) and updates from JobsOhio. After experiencing two consecutive months of shortfalls, state tax receipts surged to better-than-expected levels in February. The March 2024 OBM report reveals that Ohio added $2.1 billion in tax revenues last month, surpassing forecasts by over $38.4 million. This strong performance has contributed to a year-to-date total of $18.7 billion, reducing the negative variance from 0.5% to 0.3%. See OBM March report here.

Furthermore, JobsOhio's recent first-quarter public board meeting showcased the organization's ongoing efforts to drive economic development in Ohio. Following major successes in 2022, JobsOhio continued its momentum in 2023, securing significant project wins and bolstering the state's position in national rankings. Ohio maintained its top-five status in Site Selection's Governor's Cup for the fifth consecutive year, ranking third in overall projects in 2023. Despite a slight decrease in new job commitments compared to the previous year, totaling 16,457, there was a notable shift towards higher quality, higher-paying roles. Additionally, Ohio saw a remarkable increase in total deals, with 327 transactions completed—a significant uptick from 2022. The cumulative capital investment commitment stood at a staggering $14.4 billion, a figure only eclipsed by the extraordinary influx in 2022 due to the Intel and Honda projects.  See JobsOhio report here.

Ohio continues to capitalize on its strengths and drive sustained economic prosperity for its residents, businesses and partners.

Feel free to reach out to me with questions or comments,

~Beth